PayPal Expects $3 Billion in Mobile Payments This Year

June 27, 2011

PayPal said this week it expects consumers to spend $3 billion in mobile payments this year, double the volume it predicted for 2011 last year. Laura Chambers, senior director for PayPal Mobile, wrote on the company’s official blog that the new figure represents the third time the company has updated it volume forecasts for 2011. At an analyst day in February, the company upped its projections to $2 billion, from the $1.5 billion anticipated last fall. We’re thrilled by this news, and by other numbers we’ve seen climb in the past few months,” said Chambers. “We’re now seeing up to $10 million in mobile payments volume a day—a big increase from the $6 million we reported in March. And we currently have eight million customers who are regularly making purchases on their mobile phones, up from a previously reported six million users.” Chambers said mobile payments are growing at a rate PayPal “never could have imagined” just a five years ago when the company began processing them.